On the recordMay 20, 2015
I thank the gentleman for his leadership on this legislation and on the Ways and Means Committee. Mr. Speaker and Members, America has long been a place where an idea that is thought up in a garage or in the backyard can become the next revolution in manufacturing or the next lifesaving technology. We need a Tax Code that promotes innovation, that promotes entrepreneurship, that promotes growth. We need a Tax Code that allows the inventors and the dreamers with a good idea to be able to go out there and succeed. This is critical legislation that comes at a very critical time. Modernizing and making the research and development tax credit permanent will ensure that the United States remains competitive in the global marketplace. It has been around since 1981; it has been renewed 16 times, but when you renew a credit for 1 year, for 2 years, or you make it retroactive, that doesn't work very well for some companies that are allocating their capital for 5 or 10 years on the horizon that want to invest in research and development. In Minnesota, we are the home to 400 medical device companies. Research and development is their lifeblood, and these manufacturers use research and development to invent new devices, new techniques, new procedures. These companies are also a very essential component to our economy in Minnesota and also around the United States. We should be making America the number one destination to create and grow a business.…
